ST. LOUIS—Affiliates of Equus Capital Partners, Ltd. have just acquired Bell Prairie Point, a 376-unit multifamily community located in suburban O'Fallon, from affiliates of Bell Partners Inc. Tenants occupied about 95% of the development at the time of closing. The price was not disclosed. Madison Apartment Group, L.P., the multifamily operating arm of Equus, will manage the property.
“The transaction provided us with the opportunity to acquire a well-located multifamily community in the desirable St. Louis suburban community of O'Fallon,” says Steve Pogarsky, the vice president of Equus who oversaw the acquisition. “We continue to seek well located portfolio and single asset acquisition opportunities in primary and secondary markets nationwide in an effort to add to our national footprint.”
The garden-style community includes a mixture of one, two and three bedroom apartments. Onsite amenities include a clubhouse, fitness center, pool, playground, dog park and tennis court. Over the coming months, Equus plans to invest more than $3 million to update the community. The firm will rebrand the community; make substantial improvements to the amenities and apartment interior upgrades. In addition, Equus has renamed the community Madison Prairie Point.
Madison Prairie Point sits 30 mile west of downtown St. Louis in the St. Charles County submarket. Its location near Hwy. K at the new Page Ave. Extension and I-64 and I-70 provides quick access to employment centers, shopping and entertainment.
The acquisition was made on behalf of BPG Investment Partnership IX, LP, a fund managed by Equus. This is the second multifamily acquisition that Equus has made in suburban St. Louis on behalf of the fund. Last year, the firm acquired Madison Rockwood, a 251-unit multifamily community in Ballwin, MO.
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